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Jan 17, 2013
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lowered the deficit to 1.4% of gdp in 2022, stabilize the debt by 2015. it even further reduced discretionary spending. it builds on health reform savings and called for social security reform, and provided specific things to do to get social security solvent for the next 75 years here and also include fundamental tax reform that raise revenue. and raised quite a bit of revenue, 2.4 trillion of that 5.4 trillion would have been revenue, but revenue not required raising rates, but revenue that would come through reforming the tax code, reducing preferences, exclusions that are shot through the tax code, to actually be able to reduce rates and raise additional revenue. for anybody that wanted can you really do that, remember tax expenditures are running $1.2 trillion a year. we are spending more for the tax code than we are through all of the appropriate accounts of the federal government. this is what happens to the deficit in the share of gdp under the fiscal commission plan. you can see a dramatic improvement. the fiscal cliff plan, and what was just ado
lowered the deficit to 1.4% of gdp in 2022, stabilize the debt by 2015. it even further reduced discretionary spending. it builds on health reform savings and called for social security reform, and provided specific things to do to get social security solvent for the next 75 years here and also include fundamental tax reform that raise revenue. and raised quite a bit of revenue, 2.4 trillion of that 5.4 trillion would have been revenue, but revenue not required raising rates, but revenue that...
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Jan 18, 2013
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we have an education deficit, we have a skill development deficit that is closely related to education, we have an infrastructure development and repair deficit of e enormously important proportions, and you need only look at the experience of other countries coming out of the recession including countries with very different political systems than ours to see the close relationship that infrastructure investment development has on the likelihood and the pace of recovery from a severe global downturn. we also have an important and urgent need to address the issue of energy independence, an opportunity that more than ever before is sitting right in front of us ready to be advanced in the next year or two. but again, it requires leadership and initiative in washington and immigration reform, again, a subject that was discussed before. one more word, finally, about the process. and for this i kind of go back to a much earlier part of my life when i was a professor or of law at columbia, and one of the summits i taught -- subjects i taught every year was negotiation, negotiation in a varie
we have an education deficit, we have a skill development deficit that is closely related to education, we have an infrastructure development and repair deficit of e enormously important proportions, and you need only look at the experience of other countries coming out of the recession including countries with very different political systems than ours to see the close relationship that infrastructure investment development has on the likelihood and the pace of recovery from a severe global...
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Jan 16, 2013
01/13
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begin to to deficit reduction until you take a serious approach to welfare reform. on the side of the house we're doing it in a fair and responsible way. a way that rewards hard work. >> order. questions to the prime minister. >> number one, mr. speaker. >> thank you, mr. speaker. i'm sure the whole house will wish to join me in paying tribute to richard reginald walker, 28 engine regiment, attached to 21 engineer regiment. it is clear to see from the tributes paid that he was outstanding soldier and mutual respect. are deep assemblies are are with his family and his friends at this difficult time. mr. speaker, i would also like to mention helicopter crash in central london display but also central london display but also wish to join in sending our thanks to the emergency services for the rapid and professional response to the situation. mr. speaker, this point i had meetings with ministerial and colleagues and others, and in addition to my duties in the south i will have further such meetings later today. >> for too long many women and especially hard working stay
begin to to deficit reduction until you take a serious approach to welfare reform. on the side of the house we're doing it in a fair and responsible way. a way that rewards hard work. >> order. questions to the prime minister. >> number one, mr. speaker. >> thank you, mr. speaker. i'm sure the whole house will wish to join me in paying tribute to richard reginald walker, 28 engine regiment, attached to 21 engineer regiment. it is clear to see from the tributes paid that he was...
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Jan 16, 2013
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deficit now exceeds 100% of debt gdp ratio. so we may be experiencing the initial tax of extended deficit financing. the longer-term problem is to a very large extent a product of key entitlement programs that are an important part of the nation's safety net for the elderly. the growth of spending in the nation's entitlement programs can help a program secure for current and future workers than we think that's very important. by 2035, there will be only two workers per beneficiary to 60 federal retiree who have 50% longer retirement than encouraging 1895. so this is a serious issue. currently the social security retirement is a pay-as-you-go system that provides for and no benefits and tax collects. this will lead to insolvency, particularly with the increasing number of baby boomers retiring every day is referred to by maia and lewis. others news, nor do i have the program make expertise necessary to suggest solutions, it's important that congress and allies acceptable methods to assure that these programs to retirees. reforms
deficit now exceeds 100% of debt gdp ratio. so we may be experiencing the initial tax of extended deficit financing. the longer-term problem is to a very large extent a product of key entitlement programs that are an important part of the nation's safety net for the elderly. the growth of spending in the nation's entitlement programs can help a program secure for current and future workers than we think that's very important. by 2035, there will be only two workers per beneficiary to 60 federal...
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Jan 16, 2013
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it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mention it certainly went part way but it leaves another the issues still on the table, and additional negotiations and are looking. would you characterize that as an additional clip that is facing us, or do you think that it's not as concerning as it was when you raised that term initially? >> as i said, the fiscal cli
it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that...
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Jan 16, 2013
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the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right. i think that makes it very difficult to handle the problems that we have before us. let me comment briefly on where we are. you offer the president yesterday. we have had spending cuts of a trillion and a half dollars. it comes from the budget control act. we have a trillion and a half of spending cuts. essentially in terms of deficit reduction, and has over 600 billion. the account interest, we have essentially of a deficit reduction of $2.5 trillion. the president set a goal of an additional $1 trillion in deficit reducti
the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right....
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Jan 15, 2013
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extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a very serious issue. currently, the social security retirement is as a pay as you go system that provides more annual benefits than the payroll tax collects. if left alone, this eventually will need to insolvency, particularly with the rapidly increasing number of baby boomers who are retiring every day as was referred to by mya and louis. i don't have the programmatic expertise to suggest the right solutions, but it's important to analyze the acceptable message to assure that these programs can be available to future retirees
extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a...
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Jan 17, 2013
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we have an education deficit. we have skill development deficits closely related to education. we have an infrastructure development and repair deficit of e mori nows -- enormously important pace of proportions, and look at other countries from the recession and countries with very different political systems than ours to see the close relationship that infrastructure investment and development have on the likelihood and pace of recovery from a severe, global downturn. we also have, if not a deficit, an important urgent need to address the issue of energy and independence and opportunity that's sitting right in front of us ready to be advanced in the next year or two, but that requires leadership and initiative in washington and immigration reform, again, the subject that was discussed before. one more word, finally, about the process. for this, i go back to an earlier part of my life as a professor of law and one of the subjects i taught every year was negotiation. negotiation of a variety of contacts from international to commercial and transactional to labor management dispu
we have an education deficit. we have skill development deficits closely related to education. we have an infrastructure development and repair deficit of e mori nows -- enormously important pace of proportions, and look at other countries from the recession and countries with very different political systems than ours to see the close relationship that infrastructure investment and development have on the likelihood and pace of recovery from a severe, global downturn. we also have, if not a...
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Jan 15, 2013
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the president said a core of an additional $1 trillion deficit reduction. if are going to essentially destabilize the data, say 73% of gdp, we are going to have to, in the next period of time have a deficit reduction of about $1.4 trillion. for me, that's the goal we should set a period and so the argument we're having in addition to what the deficit to the target should be, were having a major battle over what should be the composition of deficit reduction. so let me just give you my point of view. the president yesterday talked about having balance had a thing for us democrats, that's the key. there has to be a mixture of spending cut and further revenue. and we need that balance for three reasons. number one, in order to promote economic growth. in my judgment, it followed that comes from cuts in programs, and i will accelerate economic growth. the second reason relates to income inequality. there has been a startling change in the last 20 years really. the middle-class has essentially been stagnant in the figure really is in 2010, 93% of income growth w
the president said a core of an additional $1 trillion deficit reduction. if are going to essentially destabilize the data, say 73% of gdp, we are going to have to, in the next period of time have a deficit reduction of about $1.4 trillion. for me, that's the goal we should set a period and so the argument we're having in addition to what the deficit to the target should be, were having a major battle over what should be the composition of deficit reduction. so let me just give you my point of...
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Jan 18, 2013
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and i remembered some of the earlier deficit reduction battles we had. i voted for virtually all of them. and i was thinking what is changed since those debates? and i think there have been two major changes. number one the deficit is clearly much greater, and that's an added dimension. but secondly, the -- when i think of the ways & means committee, what a change there's been in the competition. when i joined ways & means, barbara had just left the ranking member, and he then went the world bank. i worked with bill frenzel on trade. bill archer was handling the tax material, mainly and bill was working on health care. i think a second major change that effects the debate is changing composition of the republican party. i think it has moved very much more to the right describe it from the days when i joined the committee. and i think that makes it very much more difficult to handle the problems that we have before us. so let me just comment briefly on where we are. you heard the president yesterday. we've had spending cuts of a billion and a half or tril
and i remembered some of the earlier deficit reduction battles we had. i voted for virtually all of them. and i was thinking what is changed since those debates? and i think there have been two major changes. number one the deficit is clearly much greater, and that's an added dimension. but secondly, the -- when i think of the ways & means committee, what a change there's been in the competition. when i joined ways & means, barbara had just left the ranking member, and he then went the...
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Jan 17, 2013
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in the morning former senators kent and jeff discuss the debt and deficit reduction. at 1:00 p.m. eastern the national immigration forum hold a news conference focusing on immigration legislation. speaker scheduled to include tom of the u.s. chamber of commerce and carlos. >>> he had been talking about this dream he had. he talked about it for years. the american dream then it become his dream. america will someday realize the principles and the decoration of independence. inhe was inspired by the moment. sunday on after wards he recalls the journey of the civil rights activist participating in the march on washington. part of three dais of booktv this weekend monday featuring authors and books on the inauguration, president obama, and martin luther king, jr. >>> now a look at the agenda for the security and exchange commission. fcc commissioner dan gallagher spoke at the u.s. chamber of commerce for an hour. [inaudible conversations] [inaudible conversations] good afternoon. thank you for joining us. i'm david the president and ceo market here at the u.s. chamber of commerce. the
in the morning former senators kent and jeff discuss the debt and deficit reduction. at 1:00 p.m. eastern the national immigration forum hold a news conference focusing on immigration legislation. speaker scheduled to include tom of the u.s. chamber of commerce and carlos. >>> he had been talking about this dream he had. he talked about it for years. the american dream then it become his dream. america will someday realize the principles and the decoration of independence. inhe was...
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Jan 13, 2013
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and with new york's budget deficit, it seems obvious that hydrofracking is the way to go. and, of course, governor cuomo is free to set whatever regulations he wants about that to ensure the safety of quality and other things that residents are concerned about. i would say that the project should proceed. it's brought benefit to other states. there's no reason that new york should be left behind. >> okay. right in front. wait for the mic a fun. >> you get very good examples of unsuccessful creations of new green jobs. had also looked at elimination of existing jobs like really good cost-benefit analysis done for regulations? >> the cost-benefit analysis for mercury was a travesty. if you look at the cost-benefit analysis carefully, all the benefits from reducing mercury came from getting rid of particulates and particulates were not the focus of that particular regulation. and what was interesting is the benefits focus on additional days of school. in other words, a few days of schools miss, two days of work missed because of lower levels of particulates, and particularly
and with new york's budget deficit, it seems obvious that hydrofracking is the way to go. and, of course, governor cuomo is free to set whatever regulations he wants about that to ensure the safety of quality and other things that residents are concerned about. i would say that the project should proceed. it's brought benefit to other states. there's no reason that new york should be left behind. >> okay. right in front. wait for the mic a fun. >> you get very good examples of...
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Jan 16, 2013
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the budget deficit is the economy right now. that's the to 50 minute like that but that's the truth. i think it would be great if an organization with strength and integrity of a or b. would stand up and make the point because we're having an entire budget that is basically premised on something that is not true. >> i agree with you. we do have underlying pieces of our economy that need to get fixed. but massive change in spending and we've already cut a trillion dollars over all in spending. we've cut medicare as part of the political their act. we have to be really careful and just solving these problems by cutting spending. .. >> we do it in a way that supports families and the population that we have. >> let me just add to that. i agree with you, but unfortunately, most of the people on social security will be on fixed budgets. and so there's still a danger having out-of-pocket costs run away unless we do something about the costs of health care and the health care system, as an example. so although we agree, there's still -
the budget deficit is the economy right now. that's the to 50 minute like that but that's the truth. i think it would be great if an organization with strength and integrity of a or b. would stand up and make the point because we're having an entire budget that is basically premised on something that is not true. >> i agree with you. we do have underlying pieces of our economy that need to get fixed. but massive change in spending and we've already cut a trillion dollars over all in...
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Jan 15, 2013
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it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in a deal, it certainly went part way, but leaves a number of issues still on the table. would you care to raise that as an additional fiscal cliff that is facing us? would you think that it's not as concerning as it was when you raise that term initially? >> as i said the fiscal cliff, if it is allowed to take place, it probably would have traded a recession this year. a good bit of that has been addressed. nevertheless, we stil
it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its...
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Jan 14, 2013
01/13
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but in this time of trillion dollar budget deficits bailouts and -- i think we have lost track of how much money it is. it comes to about $450 out of the budget of household in the country. that's tab for every household in america. $50. i don't think they begrudge a penny provided they were assured it was going for immediate emergency relief, and recovery. but looking at the package, $50 billion. $16 billion is to begin triple the amount being spent for community development block grant. we know what the program is. it's funded questionable projects as doggy daycare center in ohio, and a day at the circus in new york. the omb has repeatedly warned us that the program is in their words, ineffective. that is the bureaucracy's polite term for programs where they cannot trace the funding and cannot show any kind of effectivenesses. the legal authorization for this program expired in 1994, by this measure. as i said country triples. $2 billion is for road repair. including as he pointed out up to $20 million in guam the islands, and american samoa that aren't in the same ocean as hurrican
but in this time of trillion dollar budget deficits bailouts and -- i think we have lost track of how much money it is. it comes to about $450 out of the budget of household in the country. that's tab for every household in america. $50. i don't think they begrudge a penny provided they were assured it was going for immediate emergency relief, and recovery. but looking at the package, $50 billion. $16 billion is to begin triple the amount being spent for community development block grant. we...
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Jan 18, 2013
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my question is regarding the debt and deficit issues of the united states. do you think how the united states can do spending cuts properly, but minimize effect on economic growth at the same time? thank you. >> you know, the obvious response to that is timing. spending cuts are necessary, it's obvious. they should be anchored in the medium term. they should be sufficiently solid as to remove the uncertainty around them, and they should clearly touch on entitlements among other things. >> perhaps we can take maybe two more questions. let's go to the front here. >> front row. >> front, thank you. >> hello, i'm mike from greece, but i have a question not on greece, but -- [inaudible] >> traveling south. >> yeah. they don't want the imf to participate in the program. can you tell us why two months after the statement that you issued in november, we have no deal yet between cypress? thank you. >> you know, we -- the imf has been engaged, and we have, indeed, sent the mission on the ground, and we have had a dialogue with the cypress authorities. the building blo
my question is regarding the debt and deficit issues of the united states. do you think how the united states can do spending cuts properly, but minimize effect on economic growth at the same time? thank you. >> you know, the obvious response to that is timing. spending cuts are necessary, it's obvious. they should be anchored in the medium term. they should be sufficiently solid as to remove the uncertainty around them, and they should clearly touch on entitlements among other things....
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Jan 16, 2013
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i mean, that's just, you know, in the self-interest of the government of venezuela, if you've got a deficit, you know, stop giving oil away. stop subsidizing sales to people. that would be a lodge cl thing -- logical thing to do. and if you had a government that was not as idealogically motivated as the current government, if you had a chavista government not as idealogically motivated as the current government, that would be a real, logical thing for them to do. >> yeah. thank you for those comments. before i go to chris for the last question this round, i want to mention that after that we'll be going to the audience for some of your questions. we'll have circumstance rating microphones, so you can be thinking about the questions. hopefully, the certification to this point has been sufficiently provocative that you'll have a number of questions, and we can go into the procedure for doing that. but just to give you a heads up that that's coming shortly. chris, back to you for really a continuation of where charles left his comments. but i want to press it just a little bit further. you've
i mean, that's just, you know, in the self-interest of the government of venezuela, if you've got a deficit, you know, stop giving oil away. stop subsidizing sales to people. that would be a lodge cl thing -- logical thing to do. and if you had a government that was not as idealogically motivated as the current government, if you had a chavista government not as idealogically motivated as the current government, that would be a real, logical thing for them to do. >> yeah. thank you for...
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Jan 19, 2013
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cities all over the country having to scale back if they can't find the budget deficit. that's what you don't want to do this, local employment during an economic downturn. >> even the fiscal cliff to be right about now. >> this is a huge thing. justice program provides grants to law enforcement to hire more police. that program could easily be 20 or 30 times its billion dollars figure size. it would be one of the most productive things the federal government could do to make progress in this area. >> we agree 18 what the professor outlined in the latter part of what he said is to go after illegal gun market among law-abiding people. we're talking about felons on gun violence from the people engaged gun sales illegal under any interpretation of the law. and go after people with records carrying guns illegally. that's been done in cooperation with u.s. attorney in chicago. it's been reasonably good. they think the important thing is to find ways to go after criminals here. what i'm afraid we're going to do things the assault weapons magazine is to do things that have an e
cities all over the country having to scale back if they can't find the budget deficit. that's what you don't want to do this, local employment during an economic downturn. >> even the fiscal cliff to be right about now. >> this is a huge thing. justice program provides grants to law enforcement to hire more police. that program could easily be 20 or 30 times its billion dollars figure size. it would be one of the most productive things the federal government could do to make...
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Jan 15, 2013
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that ate up a good decade, not to mention adding to the defic deficit. then we had a gargantuan recession and fiscal crisis. so we now are maybe getting a little bit back to normal, people are looking at this structure and the legacy of the last two decades, which is enormous deficits and saying okay, what do we do about this going forward? and that's were i think we get the potential for change. >> ron williams on the iowa has a question. >> the question is really based on -- what you learn business is once an organization is created, once it lives it wants to grow. and that organizations also have a way of becoming their own customer. ending this is it just doesn't work because there's no revenue in being your own customer. so the question really is a sidestep question which is, what happens if we can develop ways to sunset organizations, regulations that would require a review of the original problem which is often a very legitimate problem, doesn't still exist, does it require the same solution. the second question or comment is around risk, and i'm
that ate up a good decade, not to mention adding to the defic deficit. then we had a gargantuan recession and fiscal crisis. so we now are maybe getting a little bit back to normal, people are looking at this structure and the legacy of the last two decades, which is enormous deficits and saying okay, what do we do about this going forward? and that's were i think we get the potential for change. >> ron williams on the iowa has a question. >> the question is really based on -- what...